As Albany buzzes about a potential pay raise for lawmakers, Assembly Speaker Sheldon Silver has another item to add to the agenda of any pre-holiday legislative session: an infrastructure investment package using funds from a state surplus that has swelled to more than $5 billion.

Speaking to reporters in the Assembly chamber before heading into orientation sessions for new members ("I'm on my way to class"), the Democratic leader said he wants to settle the investment package before state budget season, which kicks off with the governor's State of the State address in January and runs to the April 1 start of the new fiscal year.

"I don't want it to get into the budget — I want it to be a one-shot," Silver said. "It's a one-shot revenue, it should be a one-shot expenditure, and we should invest in infrastructure."

The surplus has grown on the strength of several very large settlements reached by state and federal authorities with large financial institutions. On Tuesday, it grew by another $315 million thanks to a settlement reached between the state Department of Financial Services and Bank of Tokyo Mitsubishi, which admitted it misled auditors about its transactions with unsavory regimes in Iran, Sudan and Myanmar.

Gov. Andrew Cuomo and others have argued against using the surplus to fund recurring expenses such as general support for education — costs that will remain after the windfall is expended. Instead, New York's crumbling infrastructure — including bridges that have been found to be overdue for repair or replacement — is seen as an especially worthy investment.

McMahon, who will host a Wednesday panel discussion on state infrastructure, noted that Cuomo has defined the term rather broadly, including non-brick-and-mortar projects like economic development in upstate cities.

A generally accepted rule of state politics is that budget battles become most vicious when resources are plentiful, as various interest groups clamor for their share. Dealing with the surplus early would shift some of that rancor out of the budget process — but it would steal a great deal of thunder from Cuomo's budget proposal, due in mid-January.

"It's only going to get done if the governor wants to do it," McMahon said. " ... One might say that the speaker is concerned about a feeding frenzy, and rather than see his members nibbled to death by the education lobby, he'd rather see it done all at once."

Cuomo spokesman Rich Azzopardi declined to comment on Silver's suggested timeline for doling out the surplus.

Asked how much of the infrastructure package should go to covering the cost of the state's biggest one-time expense, the $4 billion Tappan Zee Bridge replacement, Silver said, "I think that should be the subject of discussion."

He reiterated his support for a legislative pay raise, which if it passes would be the first increase since 2000. "I believe the members work very hard — both sides of the aisle — and I believe they're entitled to one after 14 years," Silver said.

Lawmakers currently earn an annual salary of $79,500, which is augmented by bonuses for performing leadership duties.

Despite the pleas of progressive advocates, Silver was not insistent that a raise in legislative pay should be linked to a boost in the minimum wage.

"We raised (the wage) last year; I've been the advocate for (an additional increase); I have the bills for it," he said, adding that "we didn't raise the members' pay when we did the minimum wage."

Salaries of state commissioners "should be adjusted accordingly," as well, he said. Cuomo and others have complained that the current maximum salaries for commissioners makes it hard to recruit top talent to run the state's large and complex agencies.

Silver said he was "fine" with reforming the current per diem system for lawmakers' expenses, which has been subject to embarrassing cases of fraud and abuse in recent years. "There are a number of ways to do it, and I'm obviously open to suggestions," Silver said.

The speaker emphasized that there are no settled plans for members to return.

"I have no idea at this point. ... If it works it works; if it doesn't it doesn't," he said.